If you were to put your faith into the preachings of some social media influencers, bloggers and self-declared experts, you could easily be led to believe that using the power of positive thinking could result in financial prosperity.
But University of Queensland (UQ) research has found those who believe they are able to "manifest" their own financial success are more inclined to make risky investments and have a higher likelihood of ending up bankrupt.
The project, led by Lucas Dixon from UQ's School of Business, focused on the psychology behind the concept of realising success through "the ability to cosmically attract success in life through positive self-talk, visualisation, and symbolic actions".
In three studies, with a total of 1,023 participants, the UQ researchers found that one-third endorsed manifestation beliefs.
The psychology of 'manifesting'
Dr Dixon's work included the creation of a "manifestation scale" to explore the psychology behind the concept of achieving success through "magical thinking".
Part of the study looked at participants' self-reported risk-taking tendency, including whether they had invested in cryptocurrency, their belief in get-rich-quick schemes and whether they had been bankrupt.
"Those who scored higher on our manifestation scale perceived themselves as more successful, had stronger aspirations for success, and believed they were more likely to achieve future success," Dr Dixon says.
"But they were also more likely to be drawn to risky investments, have experienced bankruptcy, and dangerously believed they could achieve an unlikely level of success more quickly."
Dr Dixon says participants who identified as "spiritual but not religious" had the highest tendency to believe in manifestation, adding that a smaller percentage of people who identified as religious also recorded high scores on the manifestation scale.
The double-edged sword of optimism and confidence
Dr Dixon says the research showed manifesters are likelier to feel more optimistic about the future, have higher self-esteem and self-confidence.
"On one hand, you could say that's good, because it generates resilience and helps people stay hopeful through tough times," he says.
"But on the other hand, it could lead to over-optimism or an overconfidence and maybe that also points to some of the findings about taking risks and being more likely to invest in risky things and [experience] bankruptcy."
The study's co-author, UQ associate professor Nicole Hartley, says the research showed manifesters tend to maintain their optimism even when their current financial situation is poor.
"Those with a stronger manifestation belief were also more likely to believe they could get rich quickly, and hence may not see the pitfalls of get-rich-quick schemes or the unlikelihood of financial reward from these schemes," she says.
"We'd encourage more research into the so-called manifestation influencers who promise success in high-stakes areas like career and financial decision-making."
Why positive thinking alone isn't the best path to success
Perth-based financial educator Lacey Filipich says there is nothing wrong with being optimistic and setting goals for future prosperity. But she warns "willing it into existence isn't enough".
"A lot of the [manifestation] stuff that I've seen on YouTube and TikTok is quite questionable and not always accurate, not always fair and factual," Ms Filipich says.
"The best protection for consumers is some healthy cynicism."
She says people are more likely to achieve their goals if they write them down, which she describes as "kind of like the watered-down version of manifestation".
"I don't think that means you can't be positive and be enthusiastic. But to … think that wishing is enough, and not do your risk analysis, not understand what you're investing in … is asking for trouble."
It's a sentiment echoed by Dr Dixon, who says the concept of manifestation is often marketed by people or organisations who have something to sell.
He urges consumers to be cautious when it comes to anything that promises to make success easy or quick.
"It's best to try to stick to things that are within your control, especially taking small steps towards achievable goals," he says.
"And also not being afraid to plan for any potential negative eventualities that come up on your road to success."
The UQ research is published in Personality and Social Psychology Bulletin.
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